New Zealand Gazette – 1999 – No. 180

Page 4278

✨ Financial Statements Notes



4278 NEW ZEALAND GAZETTE No. 180

NOTE 3. INCOME TAX

1999 1998
$'000 $'000

INCOME TAX EXPENSE

Net Surplus before Income Tax | 2,740 | 2,424
Taxation thereon at 33% | 904 | 800
Tax effect of permanent differences | 35 | -34
Taxation adjustment previous year | -2 | -23
Timing differences not recognised | -560 | -429
Income Tax attributable to Operating Surplus | 377 | 314

Comprising
Current Tax Provision | 379 | 337
Over provision in prior year | -2 | -23
| 377 | 314

NOTE 4. FIXED ASSETS

Included in Fixed Assets are Line Assets, the ODV of which were valued by PricewaterhouseCoopers as at 31 March 1999 at $50.331 million

1999 1998
Distribution System 0 36,533
System Fixed Assets 49,516 0
Centralised load control equipment 816 0
Consumer billing & information system assets 182 0
Motor Vehicles 57 0
Office Equipment 165 0
Land and Buildings 952 1,040
Capital Works under Construction:
- subtransmission assets 0 0
- zone substations 0 0
- distribution lines and cables 0 0
- medium voltage switchgear 0 0
- distribution transformers 0 0
- distribution substations 0 0
- low voltage lines and cables 0 0
- other System Fixed Assets (as per ODV Handbook) 0 0
Other Fixed Assets 339
Total Net Book Value 51,688 37,912


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🏭 Westpower Limited Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Revenue, Expenses, Westpower Limited, Income Tax, Fixed Assets